Tweedy Browne

Tweedy Browne

Last Update: 08-07-2015
Related: Tweedy Browne Global Value

Number of Stocks: 48
Number of New Stocks: 0

Total Value: $3,620 Mil
Q/Q Turnover: 1%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Tweedy Browne Watch

  • Tweedy Browne Reduces 33 Stakes in Portfolio

    For nearly a century, Tweedy Browne (Trades, Portfolio) has been advising investors and managing funds in accord with the principles of Benjamin Graham. Last year, Tweedy Browne (Trades, Portfolio)’s strategy produced better than a 4% return. In the two preceding years, the returns were in double digits – 22.68% in 2013 and 15.45% in 2012.


    Tweedy Browne (Trades, Portfolio) reduced its position in 33 companies in the second quarter. The most significant reduction may have been Tweedy Browne (Trades, Portfolio)’s sale of 265,174 shares of Emerson Electric Co. (NYSE:EMR), an electrical equipment company based in Ferguson, Missouri, for an average price of $58.72 per share. The transaction had a -0.41% impact on Tweedy Browne (Trades, Portfolio)’s portfolio.

      


  • Tweedy Browne Q2 Commentary

    Concerns about Greece’s possible exit from the eurozone and a sharply correcting Chinese equity market appeared to drive global equity indices lower around quarter-end, forcing benchmark indices (in local currency) and in turn, our Funds’ returns into flat to marginally negative territory for the quarter. All sectors and most industry groups finished the quarter in the red. This increase in equity market volatility, which occurred during the quarter, continues as we write this update, and we are hopeful this portends pricing opportunities for our Funds in the weeks and months ahead.


      



  • Tweedy Browne Comments on Hyundai Motor Co And Kia Motors Corp

    Two of our more recent purchases, Hyundai Motor (XKRX:005380) and Kia (XKRX:000270), belong to the same “chaebol” in South Korea, and both have demonstrated an ability to grow their intrinsic values at attractive rates over the longer term. They have become significantly more competitive against their Japanese rivals in recent years as quality and customer satisfaction ratings have risen at both companies. At purchase, both companies were trading at discounts to book value, less than 10X earnings and at substantial discounts to our estimates of their intrinsic values.

    From Tweedy Browne (Trades, Portfolio)’s 2nd Quarter 2015 Commentary.  


  • Tweedy Browne Comments on TNT Express NV

    We also had a very nice return in TNT Express (XAMS:TNTE) in our two international Funds, Global Value and Global Value II, after Federal Express announced that it would be acquiring the company. Just after first quarter end, Federal Express announced that it would be acquiring TNT Express, the Dutch parcel company, in an all cash offer of eight euros/share, or a 37% and 39% premium over our cost in the shares. As you will recall, we purchased TNT a couple of years back, after its previously proposed merger with UPS fell apart when European regulators failed to approve the deal, feeling it would be anti-competitive. We believe there should be no competitive issues with Federal Express this time, as its footprint in Europe is much smaller than that of UPS. Federal Express was able to use a strong currency (the US dollar), and extremely low-cost debt to secure a deal that we believe is attractive for all parties to the transaction.

    From Tweedy Browne (Trades, Portfolio)’s 2nd Quarter 2015 Commentary.  


  • Tweedy, Browne 2nd Quarter 2015 Commentary

    Concerns about Greece’s possible exit from the eurozone and a sharply correcting Chinese equity market appeared to drive global equity indices lower around quarter-end, forcing benchmark indices (in local currency) and in turn, our Funds’ returns into flat to marginally negative territory for the quarter. All sectors and most industry groups finished the quarter in the red. This increase in equity market volatility, which occurred during the quarter, continues as we write this update, and we are hopeful this portends pricing opportunities for our Funds in the weeks and months ahead.


    Please note that the individual companies discussed herein represent holdings in our Funds, but are not necessarily held in all four of our Funds. Please refer to footnotes on page 16 for the Funds’ respective holdings in each of these companies.

      


  • Tweedy Browne Global Value Adds to Eight Stakes in Portfolio

    The Tweedy Browne (Trades, Portfolio) Global Value Fund pursues long-term growth through a diverse portfolio consisting primarily of non-U.S. investments, and the Fund's second-quarter additions were definitely diverse.


    In the second quarter, Tweedy Browne (Trades, Portfolio) Global Value added to eight existing stakes in its portfolio, including its most valuable stake – Standard Chartered PLC (LSE:STAN), a London-based banking and financial services company. Tweedy Browne (Trades, Portfolio) Global Value added 1,611,422 shares to its stake for an average price of £10.59 (approximately $16.43 in American currency) per share. The transaction had a 0.37% impact on Tweedy Browne (Trades, Portfolio)’s portfolio.

      


  • Tweedy Browne Global Value Makes Most New Buys In Three Years

    Tweedy Browne (Trades, Portfolio) Global Value added six new stakes to its portfolio in the second quarter, the most new buys the firm has made in a single quarter in three years. Tweedy Browne (Trades, Portfolio)’s return was 1.51% in 2014, 19.62% in 2013 and 18.39% in 2012.


    The acquisition that had the greatest impact on the firm’s portfolio was its purchase of 823,176 shares of Hyundai Motor Co (XKRX:005380), an automotive manufacturer based in Seoul, South Korea, for an average price of ₩155927 (about $136.95 in American currency) per share. The purchase had a 1.46% impact on Tweedy Browne (Trades, Portfolio)’s portfolio.

      


  • An Interview With Managing Director Of Tweedy Browne John Spears

    John Spears, managing director at Tweedy Browne, recently gave a presentation at Ivey Business School. Here's the video:

      


  • Tweedy Browne Investment Adviser’s Annual Letter to Shareholders 2015

    “We live in interesting times” is a frequently used phrase believed to derive from an earlier expression, “may you live in interesting times,” the origin of which is murky. In either version the intent is to convey a sense of an uncertain, unpleasant world. While there is little doubt we live in interesting times, we hesitated using this phrase in our letter, concerned that the expression carries with it a degree of alarm that we don’t necessarily share. We believe a more apt description of where we are today is that “we live in hard-to-figure-out times.” And yet, many global equity markets have continued marching onwards and upwards.

      


  • Tweedy Browne's Stocks With High Growing Yield

    Tweedy Browne is an investment partnership owned by its four managing directors. Investments are focused in developed markets, and where practicable, perceived foreign currency exposure is hedged back into the U.S. dollar. The fund is a pure no-load fund with no 12b-1 provisions. The fund is managed by the team of Tweedy Browne (Trades, Portfolio) Partners.


    The portfolio is composed of 47 stocks. Total value of the portfolio is $3.705 Mil and the following three stocks are the companies that have the highest yield and is growing more than other stocks held by the Guru.

      


  • Tweedy Browne Fund First Quarter 2015 Commentary

    1st Quarter 2015


    All four of the Tweedy, Browne Funds made financial progress in the first quarter as global equities, particularly European equities, surged forward after the year-end turbulence associated with the collapse in oil prices. However, it was a challenging quarter for relative returns, and bargain hunting remains severely constrained by equity valuations that are now well above average.

      


  • Tweedy Browne Increases Stakes in HAL and COP During 1Q2015

    During 1Q2015, Tweedy Browne (Trades, Portfolio) recently increased his stakes in ConocoPhillips (NYSE:COP) and Haliburton Co (NYSE:HAL), according to GuruFocus Real Time Picks.


    ConocoPhillips (NYSE:COP)

      


  • Guru Stocks at 52-Week Lows: AXP, ERIC, KOF, KORS, PNR

    According to GuruFocus list of 52-week lows, these Guru stocks have reached their 52-week lows.


    American Express Co (NYSE:AXP) Reached the 52-Week Low of $77.99

      


  • Top Weighted Stocks in Tweedy Browne Global Value Fund's Portfolio

    Tweedy Browne (Trades, Portfolio) Global Value Fund focuses on investing in non-U.S. companies that have long-term growth. The Fund also uses intrinsic value to determine a company's collateral value, which was acquired through the late Benjamin Graham.


    The Fund currently owns 96 positions, valued around $6.64 billion and has a 3% quarter-over-quarter turnover. Here are the top most heavily weighted international stocks in Tweedy's Global portfolio.

      


  • Tweedy Browne Sells Three Stakes, Buys Three New Ones

    The Tweedy Browne (Trades, Portfolio) Global Value Fund, an investment advisory and fund management firm dedicated to the principles of Benjamin Graham and David Dodd, has a quarter-over-quarter turnover rate of 3% – which, in a portfolio that has nearly 100 stocks, means an approximate turnover of three stocks in a quarter.


    And that is precisely what Tweedy Browne (Trades, Portfolio) did in the first quarter of 2015 – it sold its stakes in three companies and bought stakes in three new ones.

      


  • Tweedy Browne Global Fund Finds Opportunities in Asia

    The Tweedy Browne (Trades, Portfolio) Global Fund saw opportunities in the Asia region, buying two Hong Kong stocks and one South Korean stock in Q1 2015.


    The fund invests in undervalued foreign equities, and occasionally U.S. stocks if opportunities appear attractive. According to the fund’s fact sheet, Europe is the most heavily represented region in the portfolio at 54% of total assets.

      


  • Can This Pig Farmer Teach You Value Investing?

    A pig farmer isn't the first place value investors look to improve their craft, but the returns this one achieved with such a simple strategy will amaze you.



    In Fortune Magazine back in 1978, John Train wrote the legendary story of a man known only as “Mr. Womack,” a rice farmer and hog raiser who never had a market loss in 40 years of investing. His sound judgment and rational decision making became a bible for those interested in value investing.

      


  • Torchmark´s Dividend Hike Does Not Justify Its Market Price

    In this article, let's take a look at Torchmark Corporation (NYSE:TMK), a $6.95 billion market cap company, which provides various life and health insurance products, and annuities in the United States, Canada, and New Zealand.


    Dividend Hike

      


  • Tweedy Browne's Low PE Stocks

    Tweedy Browne is an investment partnership owned by its four Managing Directors, William H. Browne, John D. Spears, Thomas H. Shrager, and Robert Q. Wyckoff, Jr. The operations of Tweedy Browne are managed by its Management Committee consisting of Christopher H. Browne, William H. Browne and John D. Spears. This investment partnership has been recognized by Warren Buffett (Trades, Portfolio) as Graham-Doddsville Superinvestors. The Firm has been in the investment business for close to 90 years. Benjamin Graham, through his investment in Graham-Newman Corp., was one of Tweedy's brokerage clients in the 1930s and 1940s.


    Web Page: http://www.tweedy.com/

      


  • Three Gurus Invest in Chilean Conglomerate in Fourth Quarter

    Three gurus have made large investments recently in Antofagasta PLC (ANTO.UK). Antofagasta may not be a household word in America, but it is one of the most important conglomerates in Chile. It has offices in London as well as Chile and is listed on the London Stock Exchange, where it is the 33rd-largest company.


    Antofagasta is one of the world’s leading copper producers, operating four copper mines in Chile, which has a rich deposit of copper in its northern desert. It also operates an extensive railroad network, and it is involved in banking and regional water distribution among other things. Nearly two-thirds of the company is owned by Chile’s prominent Luksic family.

      


  • Inside One of Value Investing’s Greatest Minds: Chris Browne

    Beating the stock market is actually quite simple, so why do most investors find market-beating returns so elusive?


    The success of value strategies has been well documented for at least the past 60 years. It’s no secret, now well into the 2010s, that beating the market is as simple as putting together a diversified portfolio of value stocks and rotating those stocks when they appreciate back up to fair value. It’s baffling, then, why so few people actually take advantage of this very simple strategy, despite the evidence.

      


  • Tweedy Browne Global Value Q4 Portfolio Updates

    The Tweedy Browne (Trades, Portfolio) Global Value fund follows the Ben Graham value-oriented approach, and invests primarily in foreign securities, though U.S. stocks are included on a limited basis if opportunities are attractive.


    As of Dec. 31, the fund had about $8.7 billion in assets under management. According to the fourth quarter shareholder letter, the consumer, financials, and materials sectors held up the best during the quarter. Oil and gas, banks, and machinery companies underperformed in the quarter.

      


  • Tweedy Browne Fund Q4 2014 Commentary

    Global and international equity market indices (in local currency) moved higher in the 4th quarter despite increasing equity market volatility caused in part by the continued rapid decline in oil prices. With respect to relative performance comparisons, it was a difficult quarter for the Tweedy, Browne Funds largely due to their underweightings in US equities and their overweightings in energy related holdings. The absolute and relative results since inception for all of our Funds remain strong.


    The Funds do not impose any front-end or deferred sales charges. However, the Global Value Fund, Global Value Fund II – Currency Unhedged and Worldwide High Dividend Yield Value Fund impose a 2% redemption fee on redemption proceeds for redemptions or exchanges made within 60 days of purchase. Performance data does not reflect the deduction of the redemption fee, and, if reflected, the redemption fee would reduce the performance data quoted for periods of 60 days or less. The expense ratios shown above reflect the inclusion of acquired fund fees and expenses (i.e., the fees and expenses attributable to investing cash balances in money market funds) and may differ from those shown in the Funds' financial statements.

      


  • Guru Stocks at 52-Week Lows: VZ, T, IBM, RY, MCD

    According to GuruFocus list of 52-week lows, these Guru stocks have reached their 52-week lows.


    Verizon Communications Inc Reached the 52-Week Low of $46.35

      


  • Weekly Guru Bargains Highlights: BSBR, BBVA, PBR.A, BBL, PKX

    According to GuruFocus updates, these stocks have declined the most since Gurus have bought.


    Banco Santander Brasil SA/Brazil (NYSE:BSBR): Down 23% Since Mario Gabelli (Trades, Portfolio) bought in the quarter ended on Sept. 30, 2014

      


  • Use this Critical Concept to Pick Better Value Stocks

    People fear risk to such an extent, they tend to make the bulk of their decisions based on trying not to lose— which is often the suboptimal strategy if your goal is to profit.


    Many of us fear downside without properly factoring in the upside. When driven by emotion or irrational forces, there is a natural tendency to avoid risk, consequently lowering the chance for success.

      


  • Guru Stocks at 52-Week Lows: GOOG, VZ, HSBC, SNY, TOT

    The prices of Google Inc (NASDAQ:GOOG) shares have declined to close to the 52-week low of $496.17, which is 19.2% off the 52-week high of $604.83. Google Inc is owned by 39 Gurus we are tracking. Among them, 13 have added to their positions during the past quarter. 18 reduced their positions.


    Google Inc was incorporated in California on September 4, 1998 and reincorporated in Delaware in August 2003. Google Inc has a market cap of $357.09 billion; its shares were traded at around $496.17 with a P/E ratio of 26.10 and P/S ratio of 5.00. Google Inc had an annual average earnings growth of 33.30% over the past 10 years. GuruFocus rated Google Inc the business predictability rank of 3-star.

      


  • Guru Stocks at 52-Week Lows: RDS.A, CVX, VZ, T, IBM

    Royal Dutch Shell PLC (NYSE:RDS.A) reached the 52-week low of $65.56


    The prices of Royal Dutch Shell PLC (NYSE:RDS.A) shares have declined to close to the 52-week low of $65.56, which is 21.9% off the 52-week high of $83.42. Royal Dutch Shell PLC is owned by 22 Gurus we are tracking. Among them, eight have added to their positions during the past quarter. 8 reduced their positions.

      


  • The Top 5 European Stocks Held During Q3

    GuruFocus publishes the implied future returns for the 18 largest stock markets in the world, which can be found on the Global Market Valuation page under the Market tab.


    These market valuations are measured by the ratio of total market cap to GDP. As of Nov. 5, of the 14 markets listed in the valuations of developed countries, the projected annual return for the U.S. market is 0.6%, beating only Japan at 0.5%.

      


  • Tweedy Browne Semi-Annual Letter to Shareholders

    “Everything is in a state of flux, including the status quo.” Robert Byrne


    In our shareholder letter of one year ago, we used the same quote. We are using it again not because we’re lazy or incapable of coming up with something new to say, but rather because it underlines some of our thoughts about equity markets, the challenges which seem to be part of the DNA of markets, and for what it is worth, our perspective on how to think about the business of investing. A year ago, much of the conventional market wisdom was that Japan was “working out,” and Europe was probably a better bet than the U.S., and for sure a better bet than the emerging markets. There was an undercurrent of concern about the level of economic growth around the world, but it did not stand in the way of a further rise in equity prices. The double-barreled worry of secular stagnation and deflation was certainly not on the front pages of the business sections. In fact, you would have to go back to 2011 for a meaningful interruption in the rise of equity prices over the past five years. For those who simply enjoy the ride on a rising equity market, the past couple of years have been a pleasant experience. For those who think about individual business valuations as an important underpinning of equities, rising stock prices bring with them valuation considerations which we have talked about in previous letters.

      


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